How to avoid the Black Friday shopping hangover
The National Financial Ombud warns against overspending on Black Friday.
Image: Henk Kruger | Independent Online
The National Financial Ombud (NFO) has urged consumers to resist the temptation to overspend and fall into a “financial hangover”.
This comes as South Africans prepare for Black Friday on November 28.
While the shopping day promises massive discounts, the NFO warned that swiping too freely can leave shoppers trapped in high-interest debt or deplete their savings.
Statistics South Africa’s data on the 2024 season noted that Black Friday has a notable effect on sales for general dealers and household goods.
“Black Friday began to show itself in Statistics South Africa’s retail trade data in 2017, reaching its peak of influence in 2019,” it said.
This strips out the “volatile year of 2020,” which suffered the effects of the COVID-19 lockdown.
After the pandemic, however, Black Friday’s effect softened, said the agency.
“The sharp increase in November 2024 may indicate a comeback, but only future data will confirm if this is the case,” Statistics South Africa said.
Nerosha Maseti, Credit and Banking Division Lead Ombud at the NFO, said Black Friday, known for “massive sales and long lines, is a shopper’s adrenaline rush with jaw-dropping discounts, limited-time offers, and the thrill of snagging the perfect deal”.
Yet, Maseti warned, “beneath the buzz lies a financial minefield. Swipe-happy spending can spiral into credit card chaos, and lurking digital scams are ready to pounce when vigilance slips.”
Smart shoppers should arm themselves with a plan, stay sharp online, and keep their budgets on lockdown, said Maseti.
“After all, the best deal is one that doesn’t cost your peace of mind,” she said.
Maseti added that impulsive credit-driven spending often leads to high-interest credit card balances or short-term loans, depletion of savings earmarked for essentials like housing or education, and post-holiday strain when repayments come due.
Maseti advised consumers to “set a spending budget and stick to it; prioritise long-term financial goals over seasonal bargains; and keep credit balances low to maintain financial health”
According to Statistics South Africa, Black Friday first appeared in South Africa’s online retail space in 2012 before spreading to physical stores.
In 2018, November sales began accelerating faster than December’s, it said.
However, the NFO cautioned that this spending spike must not come at the cost of financial well-being.
“Many South Africans use credit to fund Black Friday purchases, but impulsive spending can lead to unmanageable debt,” said Maseti.
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